Moladin Reportedly Received Series B Funding Worth 1,4 Trillion Rupiah

Platform car marketplace Moladin is reported to have booked a series B funding of $95 million or equivalent to 1,4 trillion Rupiah. Based on data submitted to regulators, this round was led by DST Global, with the involvement of Sequoia Capital India, Northstar Group, East Ventures and a number of other investors.

We have tried to contact Moladin to ask for information, but they still refuse to comment on funding.

It is estimated that the new funding will bring Moladin's valuation to over $700 million --- one step closer to that unicorn. Previously they just announced series A pendanaan funding in early 2022 for $42 million. Sequoia Capital India and Northstar Group are leading the funding.

The startup founded by Jovin Hoon and Mario Tanamas is increasingly accelerating its business after previously pivoting in 2021, from a motorbike purchasing portal to a platform marketplace for buying and selling used cars.

In interview with DailySocial.id Last January, Moladin CEO Jovin Hoon said that the used car market in Indonesia was still very fragmented and unorganized. There are still many players in the ecosystem such as agents, micro dealers and also large dealers who do not yet have a platform and structured work system. Moladin is here to bridge this gap.

Post-pivot, Jovin said that during the last 6 months Moladin saw explosive business growth. This also gives confidence to the students founder to focus its resources on the used car business, with short-term plans to expand the business into other verticals such as financing and other automotive ancillary services.

Market competition

Services car marketplace generally have a C2B2C business model. Providing services in the form of purchasing used cars from consumers, then auctioning them to dealer partners and/or reselling them to consumers via their digital platform. They also carry out detailed inspections, allowing consumers to get the most ideal price offer according to the condition of the vehicle they own.

There are several players in Indonesia, three of which are Carro, Carsome and OLX Autos. The first two mentioned have reached the milestone unicorn in the last year, pushing them to carry out major expansion presents Experience Centers in various cities in Indonesia to reach more consumers.

Jovin and the Moladin management team are very aware of their position in the market. A number of business models and strategies have been prepared. One thing that differentiates Moladin the most from car marketplace Another is its focus on empowering its agent network.

"Our agents are what differentiate us. They are a key and integral part of our business. By empowering agents through providing the right tools and ecosystem, we can offer customers a highly personalized car transaction experience," explained Jovin.

Apart from that, technology adoption will also be a main focus Moladin, in order to digitize business processes as a whole. Some of the things we want to offer include: (1) transaction speed and disbursement on the same day; (2) competitive prices; (3) good inventory selection; and (4) accessibility, with a strong presence even outside major cities. Currently, Moladin is present in more than 115 cities throughout Indonesia.

The model above is claimed to be well received by the market. Jovin said that the company had experienced rapid growth in its used car business with transaction volume growing >20x over the last few months. Their digital services are also claimed to have increased agent and dealer productivity by >2,5x.